Business & Finance
Qatar’s Nakilat sees Q1 profit rise
Qatar’s Nakilat, the world’s largest liquefied natural gas shipper, reported an 18 per cent rise in its first-quarter profit. Nakilat said Monday its net profit reached 279.5 million Qatari riyals ($76.7 million) in the January-March period. Quarterly revenue also increased by 13 per cent year-on-ye
EGCO completes Yunlin offshore wind farm buy-in
EGCO Group completed the acquisition transaction for a 25% stake in the 640 MW Yunlin offshore wind farm in Taiwan on 17 April.
Deepwater Horizon: CPRA Highlights Decade of Restoration
Today, on the 10 year anniversary of the Deepwater Horizon oil spill, the Louisiana Coastal Protection and Restoration Authority (CPRA) reflects on the tragedy and the decade of coastal restoration progress that has contributed to the state’s overall recovery. On April 20, 2010, the Deepwater Horizo
OPEC+ production cuts have dire implications for oil tankers
The agreement of the members of OPEC and its allies to cut oil production by 9.7 million barrels of crude per day is not believed to be enough to offset the massive demand drop and will certainly have dire implications for the oil tanker shipping market. “The first quarter of 2020 has been one of [&
Impairments push Halliburton into $1 billion loss
Giant oilfield services provider Halliburton booked a $1 billion loss in the first quarter of this year compared to a profit in the same period of 2019
TV Dredging to Build New Dredger for Royal Smals
Koninklijke Smals has ordered a fully-electric deep suction dredger at TV Dredging BV. The new vessel, a custom build dredger, will be used for sand extraction. The jointly designed vessel, measuring 22,00m long and 7,51m wide, will have a dredging depth of 27,30m. The totally installed power is 100
MMA Offshore Wins Taiwan Gig
MMA Offshore has won a contract with a top tier construction contractor to support foundation installation for an offshore wind farm project off the coast of Taiwan. Commenting the latest news, MMA Managing Director, David Ross, said: “Expanding our service offering into supporting the renewable sec
Sarasota Beachfill Work Nears End
The Sarasota County portion of Manasota Key’s beach renourishment project is set to be completed within a week, finishing the project before sea turtle nesting season starts, the Englewood Sun reports. Earlier this month, the Great Lakes Dredge and Dock Company (GLDD) finished restoring the shorelin
Rosewood Erosion Protection Project Wraps Up
Construction crews have delivered new sand and rock to Rosewood Beach in Highland Park, IL, over the past two weeks as part of the Park District of Highland Park’s efforts to protect the beach from erosion amid record high Lake Michigan water levels. The project has reinforced the inside of the brea
Vår Energi creates new VP role for Aker Energy man
Norwegian oil and gas company Vår Energi has named Bjørn Thore Ribesen as its vice president Field Development & Projects.
Container freight rates holding up as blank sailings hit 435
The container carriers have blanked a total of 435 sailings on various deep-sea trades, equaling a demand decline of 7 million TEU in 2020 caused by the COVID-19 pandemic’s impact on global economies. The figures were revealed by Danish consultancy Sea-Intelligence, which said the push has served as
SeaBird in new source contract in South America
SeaBird Exploration has secured a letter of award for a source contract in South America. The contract is expected to start in Q3. The contract has a duration of about 30 – 45 days. SeaBird did not disclose the value of the contract nor the name of the client. The new contract comes a […]
BP inks LNG supply deal with China’s Foran Energy
UK-based energy giant BP has signed a liquefied natural gas supply deal with Chinese city gas supplier Foran Energy. Foran and BP’s Chinese unit signed the deal via a video conference on April 17. Under the agreement, BP will be supplying up to 600,000 tonnes of LNG per year to China’s Guangdong pro
Tallink CEO: economic impact of COVID-19 is painful
Estonian ferry company Tallink Group has like many other tourism and transportation companies sustained a major financial blow from the global health crisis caused by the COVID-19 virus. Given the sudden downfall of what was a buoyant market just two months ago, Tallink is focusing its efforts on ma